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The Joint-stock Companies Act, 1857

Winding-up by Court

LXVI. Circumstances under which Company may be wound-up by Court.-

A Company may be wound-up by the Court under the following circumstances; (that is to say)

(1) Whenever the Company in general meeting has passed a special resolution requiring the Company to be wound-up by the Court;

(2) Whenever the Company does not commence its business within a year from its incorporation, or suspends its business for the, space of a whole year;

(3) Whenever the shareholders are reduced in number to less than seven;

(4) Whenever the Company is unable to pay its debts;

(5) Whenever three-fourths of the Capital of the Company have been lost or become unavailable.

Joint-Stock Companies Act, 1857 Back

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